With life expectancy continuing to rise, people in retirement have to devise thoughtful ways to spend their savings.
The key is to find a happy medium, as you don’t want to outlive your nest egg and, simultaneously, live more frugally than need be.
Fortunately, there are time-tested means to ensure you spend your money wisely throughout your golden years. (CNBC.com)
With some experts warning that $1 million in retirement savings might not even do the trick these days, it’s understandable if you’re kept up at night wondering: Will I have enough?
Here’s another question worth asking: How should I spend what I have?
A good answer to the latter can help you with the former.
Whether your nest egg is $1 million, $250,000, more or less, you’ll need to devise a smart strategy of how to spend your money so that you don’t outlive your savings. “Withdrawing too much money early in your retirement can have a devastating effect on your standard of living,” said Arielle O’Shea, a retirement and investing expert at personal finance website Nerdwallet.
Continue reading at CNBC.com.